Consumer Cos Down After New-Home Sales Data -- Consumer Roundup

Features Dow Jones Newswires

Shares of retailers and other consumer-services companies fell after weak new-home sales data.

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Purchases of newly built single-family homes, a narrow slice of all U.S. home sales, decreased 9.4% to a seasonally adjusted annual rate of 571,000 in July, the Commerce Department said. The sales drop appeared to be the result of scant inventory rather than a drying up of demand. Nevertheless, the slowdown could hurt demand for furniture, accessories and home-improvement services.

Google and Wal-Mart Stores teamed up to take on Amazon.com by enabling voice-ordered purchases from the retail giant on Google's virtual assistant.

Shareholders of Whole Foods Market approved the natural grocer's takeover by Amazon.com, making the online superstore's entrance to the supermarket business dominated by Walmart and other chains all but confirmed.

-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

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August 23, 2017 16:39 ET (20:39 GMT)